Shares of manufacturing and transportation companies were flat after strong earnings data from one bellwether.

Caterpillar shares rallied -- nearing an all-time high -- after the maker of construction and mining machinery boosted its revenue and outlook for the year as sales for its bulldozers, excavators and other equipment grew world-wide.

Continue Reading Below

"Earnings season is heating up and there is a good chance we could be looking at two consecutive quarters of double-digit earnings growth when all is said and done," said Ryan Detrick, senior investment strategist at brokerage LPL Financial.

LG Display said it would invest an additional $7 billion in one of its South Korean plants to churn out more smaller-size organic light-emitting diode display panels used in some smartphones in a bid to challenge Samsung's display unit.